I'm just puzzled how it goes up and stays up with no significant news?? Can somebody come in for takeover like with Tethyan Copper?
Tethyan Copper soars on takeover offer Email Print Normal font Large font February 15, 2006 - 6:00PM
Shares in takeover target Tethyan Copper Co Ltd jumped by almost a third after a UK miner made a $190 million counter bid for the company.
Major copper producer Antofagasta Plc offered $1.20 cash per share, which is a 35 per cent premium to Tethyan's closing price of 89 cents.
Tethyan directors recommended shareholders accept the off-market offer.
The company has been battling a hostile takeover bid from Skafell Pty Ltd, offering 77.5 cents per share.
Shares in Tethyan gained 27 cents to $1.16.
Tethyan owns the massive Reko Diq copper-gold project in Pakistan and Antofagasta said it would establish a 50:50 joint venture with Canadian major Barrick Gold.
The deal needs the approval of the Foreign Investment Review Board. http://www.theage.com.au/news/Business/Tethyan-Copper-soars-on-takeover-offer/2006/02/15/1139890797889.html
SDL Price at posting:
0.0¢ Sentiment: None Disclosure: Held
